Letter: AGN shortchanges payday loans

Wednesday

Why is it that the only people who don't actually use payday loans - like the newspaper's editorial board - call payday loans "predatory?"

Who the heck are they to make this claim?

More than a million Texans used payday loans in 2012. These people aren't stupid. They know they have choices for short-term credit, and they have spoken with their feet. And they do not care about APR (annual percentage rate).

Again, only people who don't use payday loans care about APR.

Customers care about the flat fee, and they compare that fee to things like overdraft protection, which costs twice as much.

Here's an idea: competition.

If the AGN editorial board hates payday loans, how about the editorial board comes up with a product to compete with payday loans?

One thing is for sure, every time somebody says we must do something about a problem that doesn't exist, unintended consequences make things worse for consumers.

Clark Reilly

Amarillo

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